CBO Releases Report on Budget Outlook for the Next 10 Years

On February 5, the Congressional Budget Office (CBO) released its annual report on budget baseline and economic projections for the next 10 years. According to the report, CBO projects that the federal budget deficit will drop to $845 billion in 2013, down from $1.1 trillion in 2012. The CBO report also predicts that U.S. economic growth will slow this year due to tax increases enacted last month and the sequester cuts scheduled to take effect on March 1. The CBO also projects that the U.S. Department of Transportation’s Highway Trust Fund and Mass Transit Accounts will be solvent until September 2014, when the MAP-21 authorization law expires. Click here (http://www NULL.cbo NULL.gov/sites/default/files/cbofiles/attachments/43907_Outlook_2012-2-5 NULL.pdf) to read the full report.